Can Pedro Parente fix food company BRF?

When Pedro Parente took over as CEO of Petrobras in May 2016, Brazil’s oil and gas company was the most indebted of its kind in the world. Two years later, the company has reclaimed its respectability, despite its recovery owing to a much-criticized pricing policy which pleased investors but infuriated fuel consumers. Now, Mr. Parente may be facing an even bigger challenge: saving food company BRF from the abyss.

The markets are fond of Pedro Parente. When he resigned from the top job at Petrobras, the company’s stock crashed by 15 percent. This week, when it became clear that the executive would be named as the new boss of BRF, the food company’s stock went up by 2 percent in aftermarket hours.

But it will be no easy task. Mr. Parente’s name alone will not be enough to turn around the mess which BRF has gotten itself into. The company’s image and financial performance have been severely hit by Federal Police investigations against corruption schemes to defraud sanitary permits. The scandals led the European Union, China, and Saudi Arabia (all important markets)...